Sourcerock Group LLC Trims Stock Holdings in Tenaris S.A. (NYSE:TS)

Sourcerock Group LLC reduced its holdings in Tenaris S.A. (NYSE:TS) by 3.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,093,622 shares of the industrial products company’s stock after selling 72,878 shares during the quarter. Tenaris comprises 5.7% of Sourcerock Group LLC’s holdings, making the stock its 6th largest holding. Sourcerock Group LLC’s holdings in Tenaris were worth $79,118,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of TS. Millennium Management LLC increased its position in Tenaris by 38.2% in the 4th quarter. Millennium Management LLC now owns 2,816,728 shares of the industrial products company’s stock valued at $106,444,000 after buying an additional 778,021 shares in the last quarter. Encompass Capital Advisors LLC bought a new position in shares of Tenaris in the 4th quarter worth $41,569,000. ABC Arbitrage SA acquired a new stake in Tenaris in the 4th quarter valued at $31,581,000. Medina Value Partners LLC increased its stake in Tenaris by 34.7% during the 4th quarter. Medina Value Partners LLC now owns 566,013 shares of the industrial products company’s stock valued at $21,390,000 after purchasing an additional 145,945 shares in the last quarter. Finally, Merewether Investment Management LP acquired a new position in Tenaris during the fourth quarter worth $20,271,000. Institutional investors and hedge funds own 10.45% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on TS shares. StockNews.com upgraded shares of Tenaris from a “hold” rating to a “buy” rating in a report on Monday, May 5th. Morgan Stanley reduced their target price on shares of Tenaris from $35.00 to $34.00 and set an “underweight” rating for the company in a research note on Friday. Stifel Nicolaus lowered their target price on shares of Tenaris from $43.00 to $41.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Barclays set a $48.00 price target on shares of Tenaris and gave the stock an “overweight” rating in a report on Tuesday, May 6th. Finally, Bank of America cut shares of Tenaris from a “neutral” rating to an “underperform” rating in a research report on Wednesday, January 29th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $44.00.

Tenaris Stock Down 1.2%

TS opened at $34.09 on Monday. The company’s 50-day moving average price is $35.08 and its two-hundred day moving average price is $36.87. Tenaris S.A. has a twelve month low of $27.24 and a twelve month high of $40.87. The stock has a market cap of $19.82 billion, a price-to-earnings ratio of 9.44 and a beta of 1.27.

Tenaris (NYSE:TS) last released its earnings results on Wednesday, April 30th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.14. The business had revenue of $2.92 billion during the quarter, compared to the consensus estimate of $2.88 billion. Tenaris had a return on equity of 11.76% and a net margin of 16.26%. The business’s revenue for the quarter was down 15.1% on a year-over-year basis. During the same period last year, the business posted $1.27 earnings per share. As a group, sell-side analysts anticipate that Tenaris S.A. will post 3.14 earnings per share for the current year.

Tenaris Increases Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Wednesday, May 21st. Investors of record on Tuesday, May 20th will be issued a dividend of $0.56 per share. This is a boost from Tenaris’s previous semi-annual dividend of $0.54. The ex-dividend date of this dividend is Tuesday, May 20th. Tenaris’s dividend payout ratio is 68.29%.

About Tenaris

Tenaris SA, together with its subsidiaries, produces and sells seamless and welded steel tubular products and related services for the oil and gas industry, and other industrial applications. The company offers steel casings, tubing products, mechanical and structural pipes, line pipes, cold-drawn pipes, and premium joints and couplings; and coiled tubing products for oil and gas drilling and workovers, and subsea pipelines.